BankThink High-cost installment loans: No improvement over payday advances

May 21, 2020 no comments Posted in Payday Loans Near Me Online

BankThink High-cost installment loans: No improvement over payday advances

Until 2013, a few banking institutions had been siphoning vast amounts yearly from client records through “direct deposit advance” — items that carried typical annualized interest levels of as much as 300%. Like storefront pay day loans, deposit advance ended up being marketed as a periodic connection up to a consumer’s payday that is next. But in addition like storefront pay day loans, these bank items caught borrowers in long-term, debilitating financial obligation. [...]

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